Central Bank of India wants to review Supreme Court ruling on cryptocurrency use

The Reserve Bank of India intends to file a review of a recent Supreme Court decision to lift the ban on cryptocurrency banking operations.

Collegium of the Supreme Court of India on WednesdayDecided that the prescriptions of the central bank of 2018 are unlawful, since they contradict the norms of the constitution. However, RBI has not made this decision and plans to appeal it, because it is sure that the use of cryptocurrency increases the level of risk for the banking system.

Although the local community celebrates victory, Indian exchanges have already begun to open fiatbills, lawyers say the central bank has a legitimate reason to file a petition for review. However, they add that the chances of success are rather low, since the decisions of the Supreme Court are final, serve as the basis for subsequent cases and are rarely reviewed.

In addition, other affected crypto companies, some of which went bankrupt, can also go to court with charges against the Reserve Bank of India.